MiCA 对稳定币的立场：保护投资者还是保护主义？

2024 年，欧盟推出了一些业界有史以来最广泛的加密货币法规。

In 2024, the European Union introduced some of the most wide-ranging crypto regulations the industry has ever seen. The Markets in Crypto-Assets (MiCA) framework is designed to enhance transparency, reduce financial risks, and foster innovation in the crypto sector. It may well achieve all of these goals, but one vertical appears set to suffer as a sacrificial goat in exchange for broader cryptoconomy growth: stablecoins.

2024 年，欧盟推出了一些业界有史以来最广泛的加密货币法规。加密资产市场 (MiCA) 框架旨在提高透明度、降低金融风险并促进加密行业的创新。它很可能实现所有这些目标，但有一个垂直领域似乎将成为牺牲品，以换取更广泛的加密经济增长：稳定币。

Even when viewed through a sympathetic lens, the stablecoin component of MiCA has confounded industry commentators. Some aspects of the regulations, such as obliging stablecoin issuers to maintain fiat reserves, have been broadly welcomed. Others, such as arbitrary volume limits, have prompted much head-scratching. As the next phase of MiCA prepares to kick in from December, here’s what industry players should know about Europe’s stance on stables.

即使从同情的角度来看，MiCA 的稳定币组成部分也让行业评论家感到困惑。该法规的某些方面，例如要求稳定币发行人维持法定储备，受到了广泛欢迎。其他一些问题，例如任意的音量限制，则引起了很多人的头疼。随着 MiCA 的下一阶段准备从 12 月开始，行业参与者应该了解以下有关欧洲对马厩的立场。

Protecting Investors or Just Protectionism?

保护投资者还是保护主义？

While MiCA covers a broad range of digital assets, stablecoins face particularly stringent requirements, placing a high burden on their issuers. From transaction caps to strict reserve mandates, stablecoins in the EU now operate under rigorous financial oversight.

虽然 MiCA 涵盖了广泛的数字资产，但稳定币面临着特别严格的要求，给发行人带来了沉重的负担。从交易上限到严格的储备要求，欧盟的稳定币现在在严格的财务监管下运作。

MiCA introduces limits on the total value of stablecoin transactions over a specific period. These caps, managed by ESMA (European Securities and Markets Authority), are designed to prevent stablecoins from becoming a dominant payment method that could potentially rival traditional currencies or disrupt local economies.

MiCA 对特定时期内稳定币交易的总价值进行了限制。这些上限由 ESMA（欧洲证券和市场管理局）管理，旨在防止稳定币成为可能与传统货币竞争或扰乱当地经济的主要支付方式。

There’s no doubt that this statute is designed to protect the EU’s own interests – but should it feel threatened by a sector whose total market cap is just 1.1% of the continent’s M2 money supply?

毫无疑问，这项法规的目的是保护欧盟自身的利益，但它是否应该感到受到一个总市值仅占欧洲大陆 M2 货币供应量 1.1% 的行业的威胁呢？

Regardless of whether one interprets this mandate as forward-thinking or backwards, this much is clear: it’s going to make life extremely complex for stablecoins that are traded in the EU – which is virtually all of them. And it’s going to give regulated EU crypto exchanges in particular a real headache.

无论人们将这一命令解读为前瞻性还是倒退，有一点是显而易见的：这将使在欧盟交易的稳定币（几乎是所有稳定币）的生活变得极其复杂。这尤其会给受监管的欧盟加密货币交易所带来真正的头痛。

Already, exchanges such as Binance and Coinbase have confirmed that they’ll be obliged to delist stablecoins that don’t meet MiCA’s exacting criteria for EU customers including, potentially, USDT, which serves as the base pair for the majority of CEX-listed assets.

Binance 和 Coinbase 等交易所已经确认，他们将有义务下架不符合 MiCA 对欧盟客户严格标准的稳定币，其中可能包括 USDT，它是大多数 CEX 上市资产的基础对。

This is more than an inconvenience: it’s a boondoggle. CEXs have already had to kowtow to former EU member the United Kingdom’s inane crypto laws, forcing exchanges to code new front-ends and to exclude certain products and services from their UK service. British citizens, for example, can no longer access Binance’s extremely useful educational port, Binance Academy. Too much knowledge, it seems, is a dangerous thing.

这不仅仅是一种不便，更是一种浪费。中央交易所已经不得不向前欧盟成员国屈服于英国愚蠢的加密法，迫使交易所编写新的前端代码，并将某些产品和服务从其英国服务中排除。例如，英国公民无法再访问币安极其有用的教育端口币安学院。看来，太多的知识是一件危险的事情。

Calculating the Cost of Compliance

计算合规成本

For exchanges, wallet providers, and other crypto companies operating in the EU – or CASPs to use the EU’s favored term – determining which stablecoins are deemed compliant with MiCA is no mean feat.

对于在欧盟运营的交易所、钱包提供商和其他加密公司（或者使用欧盟青睐的术语 CASP）来说，确定哪些稳定币被视为符合 MiCA 绝非易事。

Have they kept within the EU’s volume cap? Have their banking reserves dipped below the required 60% threshold and are these assets held in EU banks? It’s a minefield to put it mildly.

它们是否保持在欧盟的数量上限之内？他们的银行准备金是否低于规定的 60% 门槛？这些资产是否存放在欧盟银行中？温和地说，这是一个雷区。

Thankfully, there are signs that the EU will give crypto companies a grace period to get their affairs in order and it’s assumed that they’ll refrain from taking punitive measures against entities struggling to get their house in order due to red tape or sheer recalcitrance.

值得庆幸的是，有迹象表明，欧盟将给予加密货币公司一段宽限期，以使其事务井然有序，并且预计它们将不会对因繁文缛节或纯粹的顽抗而难以恢复秩序的实体采取惩罚措施。

But it’s safe to say that the days of crypto-collateralized stablecoins being tradable on EU CEXs are long gone. Algorithmic stablecoins, mercifully, died long ago by their own hand.

但可以肯定地说，在欧盟中央交易所上交易加密货币抵押稳定币的日子早已一去不复返了。幸运的是，算法稳定币很久以前就死于自己之手。

As MiCA’s final form is rolled out in 2025, it will reshape the EU’s crypto landscape, challenging issuers to adapt to a new regulatory reality. For better or worse, MiCA marks the beginning of a new era in crypto – one where stablecoins, like all financial assets, must adhere to a higher standard of accountability.

随着 MiCA 的最终形式于 2025 年推出，它将重塑欧盟的加密货币格局，挑战发行人适应新的监管现实。无论好坏，MiCA 都标志着加密货币新时代的开始——在这个时代，稳定币与所有金融资产一样，必须遵守更高的问责标准。